Madrox Ltd

L1lyBrown

Striker
Does anyone know how they earn any income?
We have been told that SD doesn't take a salary from SAFC but does he take one from Madrox who get their income from SAFC?
 


First set of accounts were only for a 3 month period and the next ones aren’t due until April 2020, which means that the SMB will be speculating about this for the next 6 months!

FWIW I don’t think Madrox is being used as anything other than a holding company/investment vehicle.
 
I only ask because they have made a big thing about SD not taking a wage and wondered if this was something else that was deliberately misleading like so many other statements that have been made. (in my opinion of course)
 
I only ask because they have made a big thing about SD not taking a wage and wondered if this was something else that was deliberately misleading like so many other statements that have been made. (in my opinion of course)

So your underlying assumption about the club / owners is that they're so untrustworthy that even when they make unequivocal statements you assume they're being "deliberately misleading"?
 
to be fair, why hide the accounts until next year?
Because, like all companies, they have 9 months following the end of their accounting period to submit their accounts.

Preparing a set of audited accounts isn’t just a case of pressing a button on your bookkeeping package and emailing to Companies House. Even in the case of Madrox being “just” a holding company, the auditors will be looking at all of SD’s companies in one assignment because it’s more cost efficient for both parties.
 
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Because, like all companies, they have 9 months following the end of their accounting period to submit their accounts.

Preparing a set of audited accounts isn’t just a case of pressing a button on your bookkeeping package and emailing to Companies House. Even in the case of Madrox being “just” a holding company, the auditors will be looking at all of SD’s companies in one assignment because it’s more cost efficient for both parties.

yes, but all their companies did the same thing this April. It was flagged on here. I just wondered why they’d do that?
 
Madrox must have some assets if they've received a 10 million pound investment. I doubt they'll have given the Americans shares as that would have to be reflected on companies House and it isn't
 
Did they not change the accounting period, and as a result gained some additional time before accounts had to be filed.
Hadn’t realised that.

However, as I said before it makes sense for all of SD’s accounts to be audited together and if they all have the same year end it makes things easier for inter-company balances etc.

AFAIK it’s generally accepted that football clubs have a year end of 31 July (it’s certainly been true of the 3 clubs I worked on in my previous life in the wonderful world of accountancy practice) so it would make sense for his other companies to follow suit.

If the companies had a record of continually changing their accounting periods then it might be suspicious but in this case I think the SMB super sleuths are trying to find something that is t there.

Disclaimer - it’s been 7 and a half years since I last worked in accountancy practice so there might have been changes to how things are done etc during that time. For the record, Public Sector finance is much more enjoyable than making rich people richer.
 
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